A 130-year-old printing firm has gone into administration with 80 jobs at risk – and has blamed Brexit for torpedoing the business.
A last-minute rescue plan has failed to bail out Latimer Trend and Company Ltd and the Plymouth firm has entered administration blaming a sudden drop in sales and "damage caused by the effects of Brexit".
Scottish book and commercial print company Bell & Bain had hoped to seal a deal to save Latimer Trend, but it was not possible.
Despite having a turnover of £10million, and having continued to invest in capital, Latimer Trend had been hit by difficulties in accessing finance and the continued decline in paperback book production, its 2018 accounts revealed.
That year it made an after-tax profit of just £51,000 – down from £628,000 in 2017.
It complained of currency exchange fluctuations, global demand for raw materials and the rising costs of labour as factors impacting on the firm, and necessitating the need for efficiency savings.
Since then the firm, which has yet to comment to Business Live about the administration, has blamed further declines in trade and Brexit for damaging the business.
An email from management to customers, seen by Business Live, said there had been a sudden drop off of sales and "damage caused by the effects of Brexit".
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Southampton-based James Cowper Kreston has been named as handling the administration, and has been approached for comment.
It is understood jut 35 staff are still employed by the firm in administration with about 45 having been made redundant, already.
The Latimer Trend website has been closed and it is expected the firm will cease trading and all remaining staff will lose their jobs.
Problems came to light at the firm when creditors rejected a payment plan in mid October 2019.
Some staff contacted Business Live to say they had been told the firm was expected to enter administration and they were likely to lose their jobs at the Estover Road plant, with the firm ultimately ceasing to trade.
Latimer Trend was established in 1889 and printed journals, magazines and books for several “blue chip” customers.
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Business Live's South West Business Reporter is William Telford. William has more than a decade's experience reporting on the business scene in Plymouth and the South West. He is based in Plymouth but covers the entire region.
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In 2016 it signed a five-year deal with the 海角视频 Hydrographic Office but it is understood this involved volumes declining over time.
One former staff member said bosses had told workers the firm was closing and added:: "All their employees have been told they have two weeks work and then they are shutting the doors. It’s a real shame."
Another said he had been made redundant and said: "All the staff have been made redundant. All I've been told is I've been made redundant with immediate effect."